On 13 November 2014, Schibsted Media Group announced an agreement to establish joint ventures for the development of online classifieds platforms in four key markets – Brazil, Indonesia, Thailand and Bangladesh. Today, the implied transactions have closed and the joint ventures have been formally established.
The transactions closed on 9 January 2015 after all conditions precedent have been satisfied, and the joint ventures are now established.
The establishment of the joint ventures will bring substantial benefits to the consumers, as they will be able to buy and sell goods on better and more comprehensive market places. It also enables the companies to more efficiently share costs, expertise and people, while building awareness about vibrant online classifieds offerings to the consumers.
Bomnegocio.com and OLX.com.br to join forces in Brazil
The venture in Brazil will be 50% owned by SnT Classifieds (an equal shareholding joint venture between Schibsted and Telenor), the parent company of bomnegocio.com and 50% owned by Naspers, the parent company of OLX.com.br.
The new company will operate under the olx.com.br name and will be headed by the CEO of Bomnegocio – Andries Oudshoorn.
Ekhanei.com and OLX.com.bd to join forces in Bangladesh
The venture in Bangladesh will be 50.3% owned by SnT Classifieds Schibsted and Telenor), the parent company of ekhanei.com and 49.7% owned by Naspers, the parent company of OLX.com.bd.
The new company will continue to operate under the Ekhanei.com name and will gradually be developed with a local team on the ground in Bangladesh during the year. This work will be headed by Helena Ahlstrøm and Bruno Cuevas Codon.
Kaidee.com and OLX.co.th to join forces in Thailand
The venture in Thailand will be 55.9% owned by 701 Search (an equal shareholding joint venture between Schibsted, Singapore Press Holding and Telenor), the parent company of kaidee.com and 44.1% owned by Naspers, the parent company of OLX.co.th.
The new company will for the time being continue to operate under the OLX.co.th name, but will later this year shift its name and brand to Kaidee.com. The company will be headed by the CEO of OLX.co.th – Tiwa York.
Berniaga.com and OLX.co.id to join forces in Indonesia
The venture in Indonesia will be 34% owned by 701 Search Schibsted, Singapore Press Holding and Telenor), the parent company of berniaga.com and 66% owned by Naspers, the parent company of OLX.co.id.
The new company will operate under the olx.co.id name and will be headed by the CEO of OLX.co.id – Michal Klar.
For more information please contact:
Anders Rikter, Director of Communications, firstname.lastname@example.org, +47 920 84 996
Trond Berger, CFO, email@example.com, +47 916 86 695
Jo Christian Steigedal, VP Investor Relations, firstname.lastname@example.org, +47 415 08 733
Meloy Horn, Head of Investor Relations, email@example.com, +27 11 289 3320
Atle Lessum, Head of Communications Telenor Group Strategy & Digital, firstname.lastname@example.org,
+47 415 05 645
Singapore Press Holdings:
Chin Soo Fang, Head of Corporate Communications & CSR, email@example.com,
+65 6319 1216